The responsibility of a court appointed fiduciary is a vital one that includes duties that will have legal implications. As a fiduciary, you receive the task of taking care of an individual’s property, referred to as the Estate. Neglecting to effectively manage and safeguard the Estate can lead to personal liability for you. Should you be unwilling or unable to fulfill the required responsibilities as a fiduciary then seek advice via your lawyer, or ask for the court to relieve you from fiduciary obligations?
Here’s a list of procedures to follow when you participate in a matter of this type?
- Be well-organized by preparing beforehand, and keep in mind appointments and due dates.
- Keep track of any income and expenses. Keep receipts for those incurred costs.
- Before paying any creditors of the Estate, talk to your lawyer first, because court authorization may be required. Also, be sure to confer with your lawyer prior to making any investments.
- Keep in mind that in most states, investments in something outside of FDIC protected accounts, or lawfully supported obligations are forbidden by law without the consent of the Court.
- Consider carefully the options before making any decisions. If you are unsure then speak to your lawyer immediately.
- Never create a new account for the estate in your own name. Be sure that the bank account is in the name of the Estate. The merging of your account with the estate account can be seen as criminal activity.
- Do not be late with in any report for the Court. This could lead to personal financial responsibility for any losses incurred by your failure to report to the court on time.
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